You have $1M...BUT you need it for business expenses

[justanotherguy]

Hi,

Assuming you have $1M lets say per year of profits. But if dark days come, you need it within a month for urgent business expenses.

Where would you keep it?

10 banks...or 100 emis...or 1 bank?

Is there investments like bonds / etf that can be easily converted into cash without huge fees?

 

[Don]

justanotherguy said:
Hi,

Assuming you have $1M lets say per year of profits. But if dark days come, you need it within a month for urgent business expenses.

Where would you keep it?

10 banks...or 100 emis...or 1 bank?

Is there investments like bonds / etf that can be easily converted into cash without huge fees?
Click to expand...

For eligible balances held in Wise accounts in August 2023, Wise paid an annualised cashback rate of:

• 1.89% for any EUR
• 3.12% for any GBP
• 3.85% for any USD

Similar rates are offered by some brokerages like IBKR, so you earn something even if money is just sitting in the account.

In my opinion, this can be better than bonds as you are free from the risk of central bank interest rate fluctuations, which can affect the price of the bonds.

 

[Clearsky Network]

justanotherguy said:
Hi,

Assuming you have $1M lets say per year of profits. But if dark days come, you need it within a month for urgent business expenses.

Where would you keep it?

10 banks...or 100 emis...or 1 bank?

Is there investments like bonds / etf that can be easily converted into cash without huge fees?
Click to expand...

I would open an account with a reputable Crypto friendly Swiss bank that would also allow me to trade.
The majority of the EMIs want transactions and not money sitting in the account for months.

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[justanotherguy]

Don said:
For eligible balances held in Wise accounts in August 2023, Wise paid an annualised cashback rate
Click to expand...

Interesting, didn't know that. Would it reduce the risk of getting account suddenly closed? Just that Wise is known for it.

Clearsky Network said:
I would open an account with a reputable Crypto friendly Swiss bank that would also allow me to trade.
Click to expand...

What reputable bank in Switzerland would agree for $1M ?

 

[Clearsky Network]

justanotherguy said:
Interesting, didn't know that. Would it reduce the risk of getting account suddenly closed? Just that Wise is known for it.

What reputable bank in Switzerland would agree for $1M ?
Click to expand...

Swissquote? Maerkie Bauman?

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[myhand]

You should travel there and speak with the bank directly. Depending on your attitude., your documents and a few other things they will open an account for you.

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[GPT]

Don said:
Similar rates are offered by some brokerages like IBKR, so you earn something even if money is just sitting in the account.
Click to expand...

A broker account is one of the most liquid solutions out there. If you also understand trading or investing then you can earn a reasonable ROI on the 1M for the duration.

If you don't know trading or investing then a broker account is still a solid option. Look into protection on those accounts. It varies per broker.

 

[thomasparra]

I would generate around 55k per year on your 1M; risk free and fully liquid if you needed your money in a few days time.

 

[deraty]

How? What system do you use and will it be in our own account like autotrade?

 

[CyprusLawyer101]

Id tiu are looking for a peivate banjkinf account with a Cyprus bank , where your 1m could be accepted, kindly let me know.

 

[void]

thomasparra said:
I would generate around 55k per year on your 1M; risk free and fully liquid if you needed your money in a few days time.
Click to expand...

there is always some risk - mind you share more?

 

[legrant]

void said:
there is always some risk - mind you share more?
Click to expand...

US T-Bills yielding 5.5%